This multifamily asset stands out with a 4,500-square-foot, 11-bedroom/12-bath senior living facility on-site.
PHOENIX, (August 29, 2024) – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Cielo Townhomes, a 22-unit apartment property located in Phoenix, Arizona. The asset sold for $8,975,000 ($407,954 per unit).
"Consistent communication with the owners helped us develop a comprehensive understanding of their goals and capabilities. Our initial marketing yielded multiple qualified buyers with interest in pursuing this investment,” said Sean Connolly, senior investment associate in Marcus & Millichap’s Phoenix office. “Through market feedback, we identified an opportunity to accomplish the seller’s goals while providing creative financing options which empowered the buyer to achieve their return requirements. The buyers intend to expand the property with programmatic upgrades, additional development, and flexible lease strategies. By fostering a collaborative relationship between all parties, we ensured a smooth transaction process and positioned the property for sustainable growth and profitability." Connolly had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer, a private investor.
Cielo Townhomes is located at 15350 North 29th Street in Phoenix, Arizona. Built in 2021, this multifamily asset stands out with a 4,500-square-foot, 11-bedroom/12-bath senior living facility on site. The community also consists of 21 two-bedroom/two-and-one-half-bath units.